Презентация на тему FUNDING HARDWARE STARTUPS

Презентация на тему FUNDING HARDWARE STARTUPS, предмет презентации: Разное. Этот материал содержит 56 слайдов. Красочные слайды и илюстрации помогут Вам заинтересовать свою аудиторию. Для просмотра воспользуйтесь проигрывателем, если материал оказался полезным для Вас - поделитесь им с друзьями с помощью социальных кнопок и добавьте наш сайт презентаций ThePresentation.ru в закладки!

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FUNDING HARDWARE STARTUPS

RRE VENTURES | FUNDING HARDWARE STARTUPS

Steve Schlafman
s@rre.com
RRE Ventures

February 27, 2015


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ABOUT ME

RRE VENTURES | FUNDING HARDWARE STARTUPS


Principal, RRE Ventures
Raised in Boston, live in NYC
Focus: Marketplaces, media, SAAS, hardware
Twitter: @schlaf
Blog: Schlaf.me
Hardware Investments: Understory Weather (RRE), SmartThings (LV), Dragon (LV), Romotive (LV)


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RRE VENTURES

Established 1994
Most active early stage firm in NYC for nearly two decades
Multi-stage: Seed, Series A, Series B
Current Fund Size: $280M
Initial Investment: $250K - $8M
SAAS, Fin Tech, Hardware, Marketplaces, Mobile Services, Media
Support platform with unique access to Fortune 500

RRE VENTURES | FUNDING HARDWARE STARTUPS


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Each investor views the world differently so this is far from definitive
I’m not a lawyer so consult with one before you raise
I couldn’t include every VC and seed fund
This lesson is an adaptation from my class ‘How to Raise Seed Capital’

DISCLAIMERS

RRE VENTURES | FUNDING HARDWARE STARTUPS


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THE BASICS

RRE VENTURES | FUNDING HARDWARE STARTUPS


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YOUR FUNDING OPTIONS

Debt / Credit Cards

Family & Friends

Crowdfunding

Your Customers

Grants

RRE VENTURES | FUNDING HARDWARE STARTUPS

Venture Capital

VC is just one option. There are numerous sources so make sure you evaluate the pros and cons of each.


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HOW VC WORKS

RRE VENTURES | FUNDING HARDWARE STARTUPS

VC Firm
(General Partner)

VC Fund
(Limited Partnership)
Paid 2% fee + 20% of Profits

Limited Partners
(public pension funds, corporate pension funds, insurance companies, high net-worth individuals, family offices, endowments, foundations, fund-of-funds, sovereign wealth funds, etc.)

Investment 1
(Ownership %)

Investment 2
(Ownership %)

Investment 3
(Ownership %)

Fund Management

Ownership of Fund


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WHAT IS SEED STAGE?

RRE VENTURES | FUNDING HARDWARE STARTUPS




Series A, B, C+
$2.5M - $10M+


Out of Scope


In Scope


Institutional Seed
$500K - $2M+

Accelerator
$20K-$150K

Angel
$25K-$250K

The seed is the “setup” round(s) where a person or startup venture approaches an angel or a VC firm for funding their product / idea.

Source: wikipedia


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REASONS TO RAISE

RRE VENTURES | FUNDING HARDWARE STARTUPS

Your Company

+

VC Funding

=

Grow Faster

2. Expand Network

3. Timing

Raise to accelerate growth. VC will help you scale but it absolutely will not validate your product and market.


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RAISING VC CHANGES EXPECTATIONS

RRE VENTURES | FUNDING HARDWARE STARTUPS

With VC Funding

Without VC Funding


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IT TAKES MORE THAN SIX YEARS TO EXIT

RRE VENTURES | FUNDING HARDWARE STARTUPS

Source: http://www.cbinsights.com/blog/trends/venture-capital-exit-timeframe-tech


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IT’S A ROLLER COASTER

RRE VENTURES | FUNDING HARDWARE STARTUPS

Back & Forth

Struggles

Wins


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HUGE EXITS ARE RARE

RRE VENTURES | FUNDING HARDWARE STARTUPS

Source: http://techcrunch.com/2012/04/09/facebook-to-acquire-instagram-for-1-billion/


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HERE’S THE PROOF

RRE VENTURES | FUNDING HARDWARE STARTUPS

Source: http://info.crunchbase.com/2013/12/16


The average successful US startup has raised $41M and exited at $242M

The average successfully acquired US startup has raised $29.4M and sold for $155.5M

The average IPO-bound startup raised $162M before going public


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WHERE ARE WE?

RRE VENTURES | FUNDING HARDWARE STARTUPS


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HARDWARE 1.0

RRE VENTURES | FUNDING HARDWARE STARTUPS

Before 2010 VCs and angels were reluctant to fund hardware companies because risk was lurking around every corner.

Validating Demand

Capital Intensive

Venture Capital

Long Dev Times

Costly Distribution

Heavy Tech

High Volume Mfg


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THE OLD PERCEPTION

RRE VENTURES | FUNDING HARDWARE STARTUPS


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A NEW ERA IS HERE

RRE VENTURES | FUNDING HARDWARE STARTUPS



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HARDWARE 2.0

RRE VENTURES | FUNDING HARDWARE STARTUPS

There has been an explosion of funded hardware companies because the barriers and costs to develop and launch products have dropped.

Crowdfunding

Software + Connectivity

Rapid Prototyping

Easier Distribution

Open Source

Lean Manufacturing


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THE NEW PERCEPTION

RRE VENTURES | FUNDING HARDWARE STARTUPS


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HERE’S THE PROOF

RRE VENTURES | FUNDING HARDWARE STARTUPS

Source(s): Wall Street Journal; CB Insights; Hizook.com


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NEW FRONTIERS

RRE VENTURES | FUNDING HARDWARE STARTUPS

Connected SMBs

Consumer Devices

Wearables

VR

Connected Home

Sensors

Transportation

UAVs

3D Printing

Space

Input Devices

Industrial Internet


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HOW TO PREPARE

RRE VENTURES | FUNDING HARDWARE STARTUPS


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BUILD & LEARN

RRE VENTURES | FUNDING HARDWARE STARTUPS

If technically feasible you should launch a minimum viable product (MVP) before raising capital.

Benefits of launching
Validate early hypotheses
Social proof / traction
Feedback from real customers
Evidence team can ship
Develop “bootstrapper” mentality
Easier to raise capital

“If you weren’t embarrassed by the first version you launched too late.”
-Reid Hoffman


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FIND A GOOD LAWYER

RRE VENTURES | FUNDING HARDWARE STARTUPS

Once you determine VC is the right funding option for your company make sure you partner with an experienced law firm.


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SEEK ADVICE

RRE VENTURES | FUNDING HARDWARE STARTUPS

Before you kick off the fundraising process, build an experienced advisory board that can help with strategy, introductions and general advice.

Investors

Successful Execs

Venture Capital

Professors

Industry Experts

Founders

Influencers


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Location

Expertise / Focus

Partner

Brand

Support & Relationships

Strategy & Stage

CHOOSING YOUR VC

RRE VENTURES | FUNDING HARDWARE STARTUPS

When selecting your investors there are a variety of factors that should go into the decision making process beyond financial terms.


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HARDWARE INVESTORS

RRE VENTURES | FUNDING HARDWARE STARTUPS

Sample of VCs that have funded hardware in the last two years.


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STRUCTURE A PROCESS

RRE VENTURES | FUNDING HARDWARE STARTUPS

Create a spreadsheet or use a CRM like Streak.com for targeting and tracking your VC conversations. Here’s an example you can use:


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SET ROUND SIZE

RRE VENTURES | FUNDING HARDWARE STARTUPS

Estimating the amount of capital you’ll need requires more art than science. Here are some tips to keep in mind during your quest.

Runway: Raise enough capital to give yourself 12-18 months. Keep in mind it will likely take 3-6 months to raise your next round.

Dilution: Every time you raise a round, try to sell no more than 10-25% of the company.

$ Target: Set a modest raise amount. It’s always better to nail your target, say you’re “oversubscribed” and then increase the size of round depending on investor interest and terms / dilution.


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KNOW YOUR BRAND

RRE VENTURES | FUNDING HARDWARE STARTUPS

Your brand equals the sum total of positive and negative interactions that partners, customers and employees have with your company.

“In this ever-changing society, the most powerful and enduring brands are built from the heart. They are real and sustainable. Their foundations are strong because they’re built with the strength of the human spirit, not an ad campaign.”

-Howard Schultz, Starbucks


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CRAFT YOUR STORY

RRE VENTURES | FUNDING HARDWARE STARTUPS

The “story” behind your company and product is often one of the most important things an investor will want to know. Don’t underestimate it.

“It’s not what you do, it’s why you do it.”
-Simon Sinek

What was the impetus for starting the company?

Why are you obsessed with solving this problem?

How did the founders meet and decide to partner?

Why are you willing to sacrifice years of your life to work on this?

What is your cause, your belief?


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Title & Contact Info

Problem

Vision / Mission

Market Size & Trends

Distribution/Acquisition

Product / Solution

BUILD PITCH DECK

RRE VENTURES | FUNDING HARDWARE STARTUPS


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Monetization

Roadmap / Timeline

Traction / Milestones

Team / Advisors

Projections / Metrics

Funding

BUILD PITCH DECK

RRE VENTURES | FUNDING HARDWARE STARTUPS


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WHERE TO FIND MONEY

Events & Classes

AngelList

Venture Capital

Your Network

Accelerators

Twitter + Blogs

RRE VENTURES | FUNDING HARDWARE STARTUPS

Founder Intros

Angels and VCs are generally ‘networked’ so it shouldn’t be too hard to find them if you look in the right places and hustle.


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KEEP IN MIND

Industry Expertise

Find Risk Takers

Follow Exits

Patience

Stay Close to Home

RRE VENTURES | FUNDING HARDWARE STARTUPS

Set Fair Terms

There are a variety of strategies you can take to increase your odds of finding suitable investors.


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THE PITCH

RRE VENTURES | FUNDING HARDWARE STARTUPS


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YOUR OBJECTIVE: FOMO*

RRE VENTURES | FUNDING HARDWARE STARTUPS

*Fear of missing out

Your goal throughout the process should be to create excitement, demand and scarcity for your round. Investors often move in packs.


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FIRST IMPRESSION IS KEY

RRE VENTURES | FUNDING HARDWARE STARTUPS

Most VCs usually form an opinion of the founder and opportunity within first 10 minutes of a pitch. Early stage investors generally look for:

Traction

You + Team

Social Proof

Product


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GETTING TO YES

RRE VENTURES | FUNDING HARDWARE STARTUPS

1. Get “Warm” Intro


2. Review Product

3. First Meeting


4. Diligence

4. Partner Meeting

5. Term Sheet / Close



80%

60%

15%

< 1%

Every investor / firm has a different process. Some make a decision in 30 minutes while others take months of diligence. Here’s my process:


30%


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WHAT I LOOK FOR

Complementary Team

Story & Purpose

Differentiated Product

Prototype

Interesting Market

RRE VENTURES | FUNDING HARDWARE STARTUPS

When evaluating early stage hardware investments there are a number of things that I look for and place value on.

Feel for Design


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WHAT I LOOK FOR (CON’T)

‘Action Not Analysis’

Business Model

Venture Capital

Data Driven

Hustle / Hacking

Real Problem

RRE VENTURES | FUNDING HARDWARE STARTUPS

Here are some additional things that I look for and place value on when meeting with seed stage companies.

Customer Obsession


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QUESTIONS TO ASK

RRE VENTURES | FUNDING HARDWARE STARTUPS

What are the next steps in the process?
What concerns do you have?
How much time do you typically spend with your companies?
Can you walk me through your decision making process?
How do you think you can help our company?
Do you lead and / or follow?
What’s your typical check size?
How does your firm think about follow on investments?
Is there any additional information you’d like to see?
Which investors do you enjoy working with?

During the process make sure you carve out enough time to learn about the firm, its process and how they think about your opportunity.


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THINGS TO AVOID

RRE VENTURES | FUNDING HARDWARE STARTUPS

As I mentioned earlier every investor is different but there are some general things to avoid throughout the process.

Product demos that don’t work
Derivative product and positioning
Long answers filled w/ buzzwords
Trying to have all the answers
Long pitch decks
Don’t have clear raise amount
Asking for investor intros after one passes
Overemphasizing PR and press
No product team in place
Pitching different partners in firm after a pass
Bringing non-founders to 1st meeting
Too many emails / follow ups


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AFTER THE PITCH

RRE VENTURES | FUNDING HARDWARE STARTUPS


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YOUR ACTION ITEMS

Debrief w/ Team

Send VC Requests

Review Pitch Notes

Note Questions / Issues

Edit Pitch Deck

Update VC Pipeline

RRE VENTURES | FUNDING HARDWARE STARTUPS

Immediately following each pitch session there are some best practices you can implement which should help you throughout the process.


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DECISION TO CLOSE

RRE VENTURES | FUNDING HARDWARE STARTUPS

Once you have a signed term sheet in place, there are a number of final steps you will need to complete before getting back to work.


Negotiate Term Sheet


Build Investor Syndicate


Review Docs


Sign & Wire

Legal Diligence

Usually four to twelve weeks



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SEED FUNDING VEHICLES

RRE VENTURES | FUNDING HARDWARE STARTUPS

When a startup raises money, one of three financing instruments are used and which one is always specified in the term sheet.

Preferred Equity

SAFE

Convertible Debt


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Monthly Email Update*

Strategy Sessions

Network w/ Portfolio

Real-time Crisis Mgmt

Share Hiring Plan

POST INVESTMENT

RRE VENTURES | FUNDING HARDWARE STARTUPS

So you closed your round and have cash in the bank. Now what? Here are some way to engage with and get value from your investors:

*Include what’s going well / not well, key metrics, hiring update, financing update, roadmap, help wanted

Specific Intros


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RESOURCES

RRE VENTURES | FUNDING HARDWARE STARTUPS


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SUGGESTED BOOKS

RRE VENTURES | FUNDING HARDWARE STARTUPS

Before you start the fundraising process, reading these books will help prepare you for dealing w/ VCs and launching your company.


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SUGGESTED VC BLOGS

RRE VENTURES | FUNDING HARDWARE STARTUPS

Chris Dixon, A16Z: cdixon.org
Roger Ehrenberg, IA Ventures: informationarbitrage.com
Brad Feld, Foundry Group: feld.com
First Round Review: firstround.com/review
Paul Graham, Y Combinator: paulgraham.com
Semil Shah, Angel: semilshah.com
David Skok, Matrix: forentrepreneurs.com
Mark Suster, Upfront: bothsidesofthetable.com
Tom Tunguz, Redpoint: tomtunguz.com
Hunter Walk, Homebrew: hunterwalk.com
Fred Wilson, Union Square Ventures: avc.com


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INVESTORS ON TWITTER

RRE VENTURES | FUNDING HARDWARE STARTUPS

As noted earlier Twitter is a good place to engage with VCs and share ideas openly. Here are some of the most active.

Marc Andreessen
@pmarca

Chris Sacca
@sacca

Chris Dixon
@dixon

Josh Ellman
@joshelman

Vinod Khosla
@vkhosla

Naval Ravikant
@naval

Kevin Rose
@kevinrose

Howard Lindzon
@howardlindzon

Brad Feld
@bfeld

Jeremy Liew
@jeremysliew

David Lee
@davidlee

Mark Suster
@msuster

Dave McClure
@davemcclure

Fred Destin
@fdestin

Keith Rabois
@rabois


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IN SUMMARY

RRE VENTURES | FUNDING HARDWARE STARTUPS

Raising any amount of capital is never easy. You’ll hear “no” more than you’ll hear “yes.” For many of you it will be a long but rewarding process.

VC is just one financing option to consider
Raise to accelerate growth
Investors come in difference sizes and flavors
Prepare, work your ass off and hustle
Take advantage of resources on the web
The real work begins after you close your round


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ONE FINAL THOUGHT

RRE VENTURES | FUNDING HARDWARE STARTUPS

“The magic in business isn’t raising money but making money.”
-Mark Cuban


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GOOD LUCK!

RRE VENTURES | FUNDING HARDWARE STARTUPS

Steve Schlafman (@schlaf)
s@rre.com
RRE Ventures


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